Benchmark pays Hidrock $26.9M for 3 Chelsea walkups

Benchmark Real Estate Group through the entity 146-150 Tenth Avenue Realty LLC paid $26.9 million to Hidrock Properties 146-150 Tenth Associates LLC for the 15-unit residential walkup building (C7) at 148 10th Avenue, the 16-unit residential walkup building (C7) at 146 10th Avenue, and the 15-unit residential walkup building (C4) at 150 10th Avenue in Chelsea, Manhattan. The properties combined have 46 units, according to the PincusCo count.

The most recent debt was $26.5 million that Ladder Capital provided to Hidrock in February 2020, a month before the state and city imposed broad Covid restrictions.

The deal closed on June 28, 2023 and was recorded on July 5, 2023. The contract date was May 10, 2023. The three properties have 25,875 square feet of built space and 10,265 square feet of additional air rights for a total buildable of 36,138 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,037 and the price per buildable square foot is $742 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

Hidrock Properties has been actively selling commercial condominium units in the Garment District, even as it has been tussling with lenders at two Financial District development sites.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 148 10th Avenue.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development included Abraham Hidary, head officer and Joseph Aizer, agent. The business entities are Strivers Management Group and 146-150 Tenth Associates Llc.

The property

The first parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,001 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.7 million. The most recent loan totaled $26.5 million and was provided by Ladder Capital on February 28, 2020.
The second parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,001 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 million. The most recent loan totaled $26.5 million and was provided by Ladder Capital on February 28, 2020.
The third parcel has frontage of 25 feet and is 80 feet deep with a total lot size of 2,001 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.3 million. The most recent loan totaled $26.5 million and was provided by Ladder Capital on February 28, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 10 DOB violations, 11 housing violations, $1,710 in OATH penalties, and two housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 148 10th Avenue, PincusCo has identified the owners of nine of the 16 commercial properties representing 192,863 square feet of the 226,220 square feet. The largest owner is Churchill Real Estate Holdings, followed by Hakimian Organization and then Hidrock Properties.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 226,220 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

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